Bavarian Nordic AS
At the general meeting 21.04.2026 Folketrygdfondet voted against the following items for the following reasons:
Item 4.00 Remuneration Report
Folketrygdfondet voted against the remuneration report due to concerns about a weak alignment between executive pay and shareholder returns. The company has exercised upward discretion in incentive payouts, resulting in high remuneration outcomes despite modest long-term shareholder value creation. In addition, the board’s response to significant shareholder dissent in prior years has been insufficient, with limited evidence of meaningful changes to remuneration structure, limits, or transparency. Taken together, we do not consider the remuneration outcomes or governance practices disclosed in the report to be adequately aligned with shareholders’ long-term interests.
Item 8.02 Authority to Issue Convertible Debt Instruments
It is proposed that the general meeting grants the board a general authorization to issue shares and a convertible loan. The purpose of the authorization is not tied to a specific purpose and the size of the authority is excessive combined with the authority in item 8.02. On this basis, Folketrygdfondet voted against this authorization.